Should you purchase life insurance after the age of 50? You may know there is real value in buying life insurance. You may also recognize that buying it at a younger age helps you save money.
However, it is still possible – and still a good idea – to do so at 50. Consider your goals for it. Do you want to leave behind funds to your loved ones? Do you have dependents you wish to provide for after your death? Do you have a significant amount of debt to cover?
Life Insurance Costs Rise Over Time
As you get older, life insurance costs will almost always rise. This may not be as high as you believe, though. And, age is not the only factor.
This is why it is so important to discuss your needs with a life insurance agent. He or she will discuss all aspects of your needs. This includes other health factors. It also includes the amount of life insurance you wish to consider. All of this plays a role in the cost you pay for life insurance.
Factor in the Type of Life Insurance
You have several options for life insurance. The most common option is term life. It provides coverage for a set period of years. You may be able to renew it. However, during the term, the rates remain steady. This type of policy may be best for those who want to have protection to cover debts. It also works well if you have dependents who only might need coverage for a certain period.
Permanent life insurance remains in effect long term. However, this type of insurance will likely cost significantly higher for a person at 50. There is less time for the value of the policy to build.
Policies are still available. And, they can still be beneficial to those who wish to leave behind funds to a loved one or to meet other goals. Keep in mind your life insurance policy can include a variety of benefits. Permanent life insurance may offer funds you can borrow from throughout your lifetime.
How much will life insurance cost at age 50? The best way to find out is through a comprehensive quote. Most people at this age should still consider obtaining it. Though it may be more expensive, it still provides an outstanding benefit to many. It can also be more within reach than you believe at the age of 50.
Also Read: Life Insurance Beyond 60: What You Need